Everfi Venture Lesson 3
a year ago
gtennison
Save
Edit
Host a game
Live GameLive
Homework
Solo Practice
Practice
15 QuestionsShow answers
  • Question 1
    30 seconds
    Q.

    Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?

    answer choices

    Challenge the Usual

    Think Backward

    Judge Each Idea as Realistic or Not

    Draw Idea Maps

  • Question 2
    30 seconds
    Q.

    Which of the following would NOT be a good early step for someone thinking about opening a bakery?

    answer choices

    Immediately finding a storefront property, putting down a deposit, and signing a lease

    Contracting a mentor who has experience in the restaurant industry

    Creating an initial elevator pitch with her limited information and starting to ask around for advice

    Beginning to estimate her target market for her business

  • Question 3
    30 seconds
    Q.

    What kind of research should someone do effectively to evaluate her potential business opportunity?

    answer choices

    Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want

    Discuss the situation with her cousin who has shopped at the local bakery a few times

    Discuss the situation with a family friend who has money and might want to invest in her idea.

    Analyze a national chain that sells pies and model her new business after it. This will save time and money.

  • Question 4
    30 seconds
    Q.

    What are the four parts of a SWOT Analysis?

    answer choices

    Sales, Work ethic, Organization, Training

    Strengths, Weaknesses, Obstacles, Threats

    Strengths, Weaknesses, Opportunities, Threats

    Strengths, Weaknesses, Options, Threats

  • Question 5
    30 seconds
    Q.

    George and Miquel are considering opening a shoe store but first need to do market research, Which of these is NOT part of the market research process?

    answer choices

    Identify objective and write down questions

    Conduct research - primary and secondary

    Start promoting their shoe store to people in the neighborhood

    Draw conclusions and make decisions for their business based on the research results

  • Question 6
    30 seconds
    Q.

    What is the best way to find out about local and online competitors and about the retail industry?

    answer choices

    Go online to find trade associations, listings of competitors, and any information on financials.

    Explore websites of other retail businesses and take notes.

    Try to think of friends, family members or acquaintances who have experience in retail and ask them about it.

    All of the above.

  • Question 7
    30 seconds
    Q.

    What is NOT part of a consumer profile?

    answer choices

    Demographics

    Polygraphics

    Psychographics

    Buying Patterns

  • Question 8
    30 seconds
    Q.

    Regina is looking to starting a knitting business and completes a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where should it be moved?

    answer choices

    In a typical week will spend 10-15 on non- food items - move from Buying patterns to Demographics

    Willing to spend a little more for good quality products - she should move this from Buying Patterns to Psychographics

    Don't spend money on unnecessary items - she should move this from Demographics to Buying Patterns

    Everything is in the correct position

  • Question 9
    30 seconds
    Q.

    Are indirect competitors important to know about?

    answer choices

    No. Not something to worry about because they sell different products.

    No. Indirect competition is only important to understand if things change and it becomes direct competition.

    Yes. It is important to understand since the different product fulfills the same customer need.

    Yes. Indirect competition is important because indirect competitors compete in areas other than money, such as hiring.

  • Question 10
    30 seconds
    Q.

    Which of the following is a fixed expense for Maria's sandwich food truck?

    answer choices

    Salaries for employees

    Truck insurance

    Advertising

    All of the above

  • Question 11
    30 seconds
    Q.

    Which of the following is a start-up expense for Maria's food truck?

    answer choices

    Kitchen appliances and other equipment needed to conduct her business

    Cell phone bill

    Gas

    All of the above

  • Question 12
    30 seconds
    Q.

    What is the most accurate way of determining his expenses for the financial portion of his business plan?

    answer choices

    Estimate the cost to buy all of the ingredients at the store, and divide that by an estimate of how many cupcakes he can make with that

    Go through the detailed process of making the cupcakes step by step, measuring the ingredients he uses and calculating the cost per ingredient.

    Go online and find a competitor's expenses

    None of the above

  • Question 13
    30 seconds
    Q.

    Pete's disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?

    answer choices

    Increase the prices

    Increase the number of cupcakes he sells

    Decrease his fixed expenses

    All of the above

  • Question 14
    30 seconds
    Q.

    Based on the diagram, has Pete's business broken even (meaning, covered its fixed expenses and become profitable)?

    answer choices

    Yes

    No

    Not enough information available

  • Question 15
    30 seconds
    Q.

    Which of the following is NOT one of the four steps to preparing a sales forecast?

    answer choices

    Analyze current company and market conditions using a SWOT Analysis.

    Select an organizational structure for your company.

    Review past sales or past trends in the industry.

    Estimate your future sales for a specific time period.

Report Quiz
Join a game